John Hancock says Classic Value Fund reopens

BOSTON, Oct 1 (Reuters) - John Hancock Funds, LLC said on Monday it has reopened its flagship Classic Value Fund to new investors, as the fund's investment manager has filed to go public.

The $9.7 billion fund, which was closed to new investors in September 2006 because of strong cash inflows, is managed by Pzena Investment Management. Pzena said in August it was looking to sell about 6.4 million shares, in a public issue that could raise $150 million.

"Reopening the fund to new investors will allow the managers to balance cash inflows and cash outflows and increases the fund's efficiency," John Hancock, which owns and markets the Classic Value Fund, said in a statement.

John Hancock, a unit of Canadian insurer Manulife Financial Corp (MFC.TO), has about $59 billion in assets under management. (Reporting by Muralikumar Anantharaman)